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HEADLINES

Drought tolerant wheat trials show 20 percent yield increase
Australian developed drought-tolerant wheat is showing up to 20 percent higher yields than non-GM control crops. It is hoped that this new GM variety will be the solution to drought affected wheat growing areas.

Senate urges action on ag inputs
The Canadian Senate is recommending the federal government take steps to address the rising costs of farm inputs. They are calling for a new federal department of rural affairs to be created in order to implement the recommendations.

Economist: Grain markets 'simply ominous'
Perfect weather for the rest of the growing season is necessary in order to avoid further ending stock slippage of grain says ex-USDA economist. In addition to wheat, the global corn market balance is expected to move to a level of "extreme tightness."

Total farm assets increased in 2007
Farm assets rose more than liabilities in 2007 resulting in a 2.7 percent increase in farm equity. Rising farm real estate and the increased crop value helped this increase. However, debt-to-asset ratio rose as well meaning more farms are dependent on debt.

US corn crop continues to deteriorate
43 percent of the US corn crop has been rated as fair, poor or very poor by the USDA. This is a 13 percent increase for the crop within this range last year. Soybeans are expected to fair the same.

Ottawa backs plan to highlight Canadian pork
The federal government targets large scale retailers with new voluntary program to identify Canadian-grown pork on store shelves. The program is backed by $1.39 million in federal funding.

Crop prices ride rocket
Commodity prices rocketed up the maximum daily limit this week and some are drawing comparisons between the current price conditions and those of the 1970s.

USDA report bullish for corn and beans
Lower expected yields for corn have resulted in a smaller projected US corn crop. Heavy rainfall across the Corn Belt is partially to blame. Projections of soybean production remains unchanged.

CWB forecasts below-average wheat crop
A below-average wheat and durum harvest is forecasted for 2008 by the Canadian Wheat Board. Currently, wheat, durum and barley crops are one to two weeks behind normal due to cold weather.

Food prices: a boon for producers, a buffer for consumers
Relative to the US and the European Union, Canadian food prices have not been seriously impacted by rising food prices. A study released by the Canadian Economic Observer reveals that Canada may be posied to profit from the rising prices.

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